Daimler had already invested in Tesla, and the first fruit of the relationship is the Smart ForTwo Electric Drive, a car that uses Tesla's battery and electric drivetrain technology.

Tesla has also partnered with Toyota for the electric version of the Rav4, which should be on the street soon.

By engaging in a high-profile project with Mercedes, Tesla has immediately raised its stock with other premium automakers around the world.

This could spell large growth for the consulting and engineering side of the business. And if more manufacturers subcontract electric car technology and engineering to Tesla, it may never need to produce a car again to make money.